Kering reported revenue of €3.56 Billion in the first quarter of 2026, remaining stable on a comparable basis despite a tough global environment. The French luxury group saw mixed performance across regions and brands, with early signs of recovery led by jewelry and select fashion houses.

Kering recorded a 6% decline in reported revenue year-on-year. However, comparable performance remained stable, showing sequential improvement.

Retail sales, including e-commerce, fell 2% on a comparable basis, while wholesale revenue rose 6%, supported by strong demand in eyewear.

The Fashion and Leather Goods segment particularly generated €2.85 billion, down 9% reported and 3% comparable. Retail sales in this segment dropped 4%, but brands like Saint Laurent, Bottega Veneta, Balenciaga and Brioni posted growth, especially in North America.

Saint Laurent saw strong demand in shoes and ready-to-wear, while Bottega Veneta performed well in Asia-Pacific.

Balenciaga continued growth driven by leather goods like the City and Rodeo lines. Brioni maintained strong momentum, while McQueen continued brand reset actions.

Gucci, Kering’s largest brand, reported €1.34 billion in revenue, down 14% reported and 8% comparable. Retail sales declined 9%, though North America grew 8%. Weakness in Asia-Pacific and Western Europe impacted overall performance.

The company has started a full reset of Gucci’s product strategy, distribution and customer engagement, with new collections rolling out through 2026.

In the Middle East, Kering reported an 11% drop in retail revenue after earlier growth. The group operates 79 stores and employs around 1,100 people in the region, contributing about 5% of retail revenue. Despite disruptions, all stores remain operational.